CITIC Securities: Optimistic about the landing of AI applications and the increasing demand for AI computing power.

According to the research report from CICC, OpenAI has launched GPT-5.5, while DeepSeek has released a preview version of DeepSeek-V4. GPT-5.5 and DeepSeek-V4 both emphasize the extreme compression of reasoning costs coincidentally. This does not mean that the demand for computing power has peaked. On the contrary, the decrease in single cost may trigger an exponential growth in token consumption. We are optimistic about the future explosion of AI applications and maintain a positive long-term view on the North American computing power industry chain and domestic AI computing power breakthrough players.